Lendy is to take over as the headline sponsor of one the world’s oldest and best known sailing regattas.

The peer-to-peer (P2P) platform last week agreed a three-year deal to sponsor Cowes Week, which has a rich heritage dating back to 1826.

Lendy follows in the footsteps of more traditional City players such as Aberdeen Asset Management and Skandia that have partnered the event in recent years.

Read more: Cowes Week Diary: Financial firms out to prove they’re big fish in Solent race

Lendy co-founder and director Liam Brooke told City A.M. today:

“Us stepping into the shoes of Skandia and Aberdeen, you could almost take that a bit further and say our lending is stepping into Skandia and Aberdeen’s marketplace as well”.

Cowes Week, which starts on 29 July, is one of the UK’s longest running sporting events. During the regatta, around 100,000 visitors flock to the Isle of Wight to compete in or watch the race.

Portsmouth-based Lendy said the sailing demographic were exactly the type of customer it wants to attract.

Brooke added: “In time you could see the P2P space taking over or take market share from these established market players.”